LIC crosses Rs 10 bn mark premium under new ULIPs

The Life Insurance Corporation of India (LIC) has crossed Rs 10 billion mark under the new ULIP plans, pension plus and endowment plus.

The total premium income under these two plans as at Oct. 18, 2010 was an awesome Rs 12.82 billion approximately.

These new plans were introduced in the month of September following the new guidelines laid down by the IRDA. `Pension Plus` was launched on September 2 during the LIC`s 54th Anniversary celebrations and is a unit linked deferred pension plan.

About Rs 1.50 billion of premium have been collected under the plan from more than 30,000 policies. This is the only Unit linked pension product available in the market post the introduction of new IRDA regime.
`Endowment Plus` plan was launched on September 20 and was LIC`s 16th linked product. More than Rs 10 billion have been garnered from endowment plus alone from more than 0.2 million policies, in merely 29 days.